One of the best feelings in the world is waking up to some extra digits in your bank account. Whether you just got paid, got up on the horses, or sold an item, everyone loves some extra money.
When it comes to what taxes you have to pay on your online casino winnings it does vary per country, so you do have to be knowledgable on what laws apply to you. Here at Casino Billions, we are experts on all things related to the top NZ online casinos, so we know the rules inside and out. Let’s take a look at what tax implications you face when cashing out your winnings from an NZ online casino.
What Are the Rules?
Gambling is part of many people’s lives in NZ with over 80% of adults participating in some form of gambling, including lotto, sports betting and playing in casinos both physical and online. Unlike many countries around the world, playing in the top NZ online casinos is considered a hobby and recreational activity by the NZ government.
Being classified this way is very, very good news for you online gamers out there. No matter how many hours you spend playing games such as Online Blackjack, Online Roulette, or Texas Hold‘Em, you will be an amateur player and subject to different rules and regulations in comparison to professional players.
Advantages of NZ Online Casinos
Land-based casinos in New Zealand operate under different rules to those that occupy the online sphere, so it is important to know that playing online will be better for your wallet. Being classified as an amateur means that you won’t have to pay tax on any of your winnings, so when it’s time to cash out you don’t need to stress about how much tax you will have to play. How awesome is that?
This is different from people who only play in physical casinos and don’t earn any other income. In those instances, they are considered professional players and have to pay taxes on their winnings.
Why You Don’t Have to Pay Tax On Your Winnings?
The major reason as to why you don’t have to pay tax on your online casino winnings is due to the laws within the Gambling Act 2003. The NZ government is very strict on regulating gambling in physical casinos and they are only allowed to let in people aged 20 years and older inside instead of 18 years of age that is normal in Australia. No online casinos can be operated from within NZ either, but since the top NZ online casinos such as Lucky Nugget casino, Royal Vegas casino, and LeoVegas are based outside of the country, it is completely legal to use them as much as you like.
Now you know that you don’t have to pay tax on any winnings when you cash out at your favourite online NZ casino you can rest easy that the taxman won’t be coming for you. For all of the latest and greatest news, tips, and bonus offers available for NZ online casino lovers make sure that you stay up to date with us here at Casino Billions.